Petrodollar | Forum

Note: Thanks to fracking, US is resuming 'energy exporter' status. The only way to keep foreign held dollars from buying out the whole country, is to buy back the dollars with exports. However, now that anyone can produce 300,000 gallons of fuel every year on an acre, nobody is going to be importing energy much longer.

That means it is a level playing field now, and innovation, and access to mineral resources, will be what backs up currencies. Whatever happens to the dollar, those who have their own local energy and food sources established will be protected from fluctuations in energy, food, and other markets.

Since cash is almost never used in energy transactions, and almost always used in heroin and cocaine transactions, the point made in this trailer is superfluous. The outstanding debt on the books is much greater than the amount of actual currency floating around!

Anyway, this is a nice quick intro to what is meant by 'petrodollar.'

Demise of the Petrodollar and the End of American Power - The Colder War by Marin Katusa

The US central bank is called the Federal Reserve Bank (commonly
referred to as "The Fed"). The USD is the most traded currency in the forex
market and can be paired with all other major currencies. Common names
for the USD include the greenback, buck, green, dough, smacker, bones,
dead presidents, scrillas, and paper.

Importance of the US Dollar
The US Dollar is the most commonly converted currency in the world and
is regularly used as a benchmark in the Forex market. As the dominant
global reserve currency, it is held by nearly every central bank in the
world. Additionally, the Dollar is used as the standard currency in the
commodity market and therefore has a direct impact on commodity prices.

Dollarization of the USD
Due to its international acceptance, some countries like Panama and
Ecuador use the USD as an official legal tender, a practice known as
dollarization. For other countries the Dollar is an accepted alternative
form of payment, though not an official currency for the country.
Multiple currencies are pegged to the US Dollar...

Introduction of the US Dollar
In 1785, the Dollar was officially adopted as the money unit of the
United States. The Coinage Act of 1792 created the first U.S. Mint and
established the federal monetary system, as well as set denominations
for coins specified by their value in gold, silver, and copper. In 1861,
the U.S. Treasury issued non-interest-bearing Demand Bills and the very
first $10 Demand Bills, featuring Abraham Lincoln, went into
circulation. These bills quickly earned the nickname 'Greenbacks'
because of their color. In 1863, a national banking system was
established and guidelines for national banks were created. These banks
were authorized to issue national currency secured by the purchase of US
bonds. In 1914, the first $10 Federal Reserve notes were issued. In
1914, the first $10 Federal Reserve notes were issued.

Silver and Gold Standard in the US
For years, the United States attempted to make a bimetallic standard,
starting by adopting a silver standard based on the Spanish Milled
Dollar in 1785. However, silver coins soon left circulation becoming
completely suspended by 1806. By this time, most countries had already
begun to standardize transactions by adopting the gold standard, meaning
that any paper money could be redeemed by the government for its value
in gold. The Bretton-Woods system was adopted by most countries to set
the exchange rates for all currencies in terms of gold. Since the United
States held most of the world's gold, many countries simply pegged the
value of their currency to the Dollar. Central banks maintained fixed
exchange rates between their currencies and the Dollar, turning the US
Dollar into the de facto currency of the world. In 1973, the US finally
decoupled the value of the Dollar from gold completely.

After listening to this you will have a better understanding of how the game has been rigged against the individual. Meaning you! And why the work we do here is so important! Please drop a dime in the bucket at bottom of page if you agree.